Consequences of price controls
Write a paper summarizing some of the consequences of price controls. Please try to achieve maximum content and analysis, and address the following: 1.Summarize the role of prices in an economy. 2.Contrast the consequences of prices in a free economy with the consequences of prices in a controlled economy. 3.Give at least one example of the unintended consequences of price controls. (The book used in class is called Basic Economics by Thomas Sowell 2010 4th ed. and can be retrieved by visiting “www.booku.com” and signing on by entering “firstname.lastname@example.org” and entering “student” for the password, then click on the my bookshelf tab and download the material. Please provide at least two academic resources and please make them and the information included retrievable online. This book mentioned (Basic Economics by Thomas Sowell) can be used as a resource and is strongly encouraged and would be greatly appreciated. Please write at college freshman level. Thank you much!